24 November 2017 ECO (ATLANTIC) OIL & GAS LTD. ("Eco Atlantic", "Company" or, together with its subsidiaries, the "Group") Grant of and Issue of Equity Toronto, 24th November, 2017 - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or "Company") (TSX-V:EOG, LSE:ECO) announces that the Company has granted 3,050,000 Restricted Share Units to directors, officers and consultants as success fees, of which 2,650,000 are to existing Directors, in relation to the recently announced new financing and positive corporate and operational developments pursuant to the Company's Restricted Share Units Plan (the ""). The will vest immediately and convert into common shares of no par value in the Company ("Common Shares"). Details of the RSU's being granted to each director are summarized in the table below: Director Granted Gil Holzman 800,000 Colin Kinley 800,000 Peter Nicol 250,000 Moshe Peterburg 500,000 Alan Friedman 100,000 Gadi Levin 200,000 Keith Hall (proposed director) 200,000 Certain directors have also converted 3,998,900 existing RSU's, not previously exercised, into Common Shares ("Existing RSU's"). Of these, 3,400,000 were previously granted and announced on 8 June 2017, for the successful AIM admission, and 598,900 RSU's were granted in 2016 for meeting the relevant performance criteria under the RSU plan prior to the AIM admission, as detailed in the Company's AIM Admission Document. Application has been made to the TSX-V and the London Stock Exchange for the admission of 7,048,900 new Common Shares, in respect of the conversion of the and into Common Shares, to trading on TSX-V and on AIM, which is expected to take place on 29 November
2017 ("Admission"). Following Admission, the Company will have 154,732,333 Common Shares with voting rights in issue. For more information, please visit www.ecooilandgas.com or contact the following: Eco Atlantic Oil and Gas +1 (416) 250 1955 Gil Holzman, CEO Colin Kinley, COO Alan Friedman, VP Strand Hanson Limited (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris Rory Murphy James Bellman Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000 Jonathan Evans Robert Beenstock Peterhouse Corporate Finance (Joint Broker) +44 (0) 20 7469 0930 Eran Zucker Duncan Vasey Lucy Williams Blytheweigh (PR) +44 (0) 20 7138 3204 Nick Elwes Tim Blythe Notes to editors Eco Atlantic is a TSX-V and AIM listed oil and gas exploration and production Company with interests in Guyana and Namibia where significant oil discoveries have been made. The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow and AziNam. In Guyana, Eco Guyana holds a 40 per cent working interest alongside Tullow Oil (60 per cent) in the 1,800 km 2 Orinduik Block in the shallow water of the prospective Suriname Guyana basin. The Orinduik Block is adjacent and updip to the deep-water Liza Field, recently discovered by ExxonMobil and Hess, which is estimated to contain as much as 2.5 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000 km 2 with over 2.3 billion barrels of prospective P50 resources in the Wallis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners,
which include Tullow Oil, AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation have been completed with drilling preparations expected to begin in 2018. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. PDMR Notifications a) Name Gil Holzman a) Position/status CEO and Director of the Company c) Price(s) and volume(s) Price(s) Volume(s) 800,000 common 1,100,000 common
a) Name Colin Kinley 800,000 common 1,100,000 common a) Name Moshe Peterburg
500,000 common 598,900 common a) Name Alan Friedman
00,000 common 300,000 common a) Name Peter Nicol
250,000 common 300,000 common a) Name Gadi Levin
200,000 common 300,000 common a) Name Derek Linfield
150,000 common The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Notes to editors Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests in Guyana and Namibia where significant oil discoveries have been made. The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow and AziNam. In Guyana, Eco Guyana holds a 40% working interest alongside Tullow Oil (60%) in the 1,800 km 2 Orinduik Block in the shallow water of the prospective Suriname Guyana basin. The Orinduik Block is adjacent and updip to the deep-water Liza Field, recently discovered by ExxonMobil and Hess, which is estimated to contain as much as 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. In Namibia, the Company holds interests in four offshore petroleum licences totaling approximately 25,000 km 2 with over 2.3 billion barrels of prospective P50 resources in the Wallis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners, which include Tullow Oil, AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation have been completed with drilling preparations expected to begin in 2018.